Johnson & Johnson OKs $2B LifeScan sale to Platinum Equity

Johnson & Johnson (NYSE:JNJ) said today that it accepted a binding offer of more than $2 billion from private equity shop Platinum Equity for its LifeScan blood glucose monitoring business as it moves toward the exit in the diabetes market.

J&J had until June 15 to accept the $2.1 billion offer, first announced in March, and today said the transaction is slated to close by the end of the year. Johnson & Johnson won’t cede the field entirely, it added, noting plans to continue to offer bariatric surgery products and drugs like Invokana and Invokamet.